Saudi oil to flow more next year

Saudi Arabia's crude oil production will average 9.7 million barrels a day next year, according to National Commercial Bank (NCB), the kingdom's largest bank by assets.

Saudi Arabia's crude oil production will average 9.7 million barrels a day next year, according to National Commercial Bank (NCB), the kingdom's largest bank by assets. That compares to a forecast of about 9.4 million barrels a day this year, said a report yesterday. Arab Light crude, which makes up about 50 percent of Saudi Arabia's oil output, will average $105 a barrel this year, unchanged from a March 26 forecast. Prices will average $100 a barrel in 2013, it said.